From: Lucy Sharratt – CBAN Coordinator: email@example.com
Monsanto earnings down, scraps profit target – farmers reject high priced GE seeds
Monsanto’s earnings disappoint – abandon target to double profits in 5 years – Farmers don’t buy Monsanto’s high prices.
Monsanto’s second quarter earnings did not match their projections, though the company is still robust (some were expecting worse results). Here are summary points from the below news:
– 19% drop in fiscal second quarter earnings, scrapped its target to double profit in 5 years.
– Monsanto shares have fallen about 15% this year.
– Equities analyst refers to Monsanto’s arrogance, its ambitious growth projections were unrealistic.
– Farmers refusing to pay new high price for Monsanto’s eight trait GE corn “SmartStax” $75/bag http://www.cban.ca/corn
– Farmers also refusing to pay high prices for Roundup Ready2 technology.
– Monsanto’s claims to higher yield not substantiated with third-party data.
– Monsanto now reducing prices, heavily discounting SmartStax = “penetration pricing” to gain market share.
For more info on Monsanto: http://www.cban.ca/monsanto